Cheers! Wetherspoons boss Tim Martin cashes in £50m of shares following successful fund-raising
Wetherspoons founder Tim Martin has cashed in £50million of shares following a successful fund-raising.
The massive windfall followed two £5million sales last year and his stake has now dropped to 21.8 per cent, worth £328million.
The 65-year-old chief executive has had to close most of its 875 pubs and send most of its 43,000 staff home.
Hard times: Wetherspoons boss Tim Martin (pictured with Boris Johnson) has had to close most of its 875 pubs and send most of its 43,000 staff home
Wetherspoons also used a Government loan of £48.3million loan to navigate months of closure.
But last week the FTSE 250 firm’s share price jumped after it raised £93.7million from investors to buy up pubs ‘at favourable prices’ from struggling rivals.
Martin sold 4.3m shares at £11.50 in response to significant buying interest last week.
He has pledged not to sell until at least September as part of a ‘lock-up arrangement’.
Shares fell 1 per cent to 1168p yesterday.
The stock was more than 1600p before the pandemic and hit a low of 559p in March.
The company was founded in 1979 and floated in 1992. Martin has previously been forced to quash speculation that he is planning to retire.